* The above rates are applicable for deposits of below Rs. 1 crore.
** Figures mentioned in the above table are subject to change without prior information.

2. ICICI FD Interest Rates

ICICI Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of ICICI Bank have a higher interest rate compared to their saving deposits. Benefits of opening an FD account in ICICI Bank are:

Loan facility up to 90 percent is available on the deposit

Nomination facility available

Earn higher returns on the money deposited

Interest on deposit is paid only at the time of the maturity

3. FD in ICICI – Premature Withdrawal

Premature closure of Term Deposit with ICICI Bank is along with the lower interest rate of 0.50%-1% than the contracted rate. The penal provisions for premature closure on ICICI Bank FD are subject to change from time to time and may also vary with deposit schemes.

4. Loan against Fixed Deposit ICICI

ICICI Bank offers loan up to 90% against its own deposit. Note that ICICI Bank will not give you the loan against FD of any other bank. ICICI Bank offers Loan against FD at the rate of 5% to 7.75%

Maximum loan tenure is restricted up to the maximum tenure of the FD.

Illustration – Mr. Rahul has opened a fixed deposit of Rs. 100,000 for 2 years in ICICI Bank. The borrower later decided to take the loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws Rs. 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on Rs. 90,000 availed for 1 month only. The amount he repays after 1 month is Rs. 90,744. So, the interest charged on the loan taken is Rs. 744.

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